Egypt’s ECAHT, IFC launch technical textile project to attract $800 mln in investments – Markets & Companies – Business

File Photo: A laborer works at a textile mill in Mahalla el-Kubra, about 110km north of Cairo. REUTERS

The project was launched in collaboration with the International Finance Corporation (IFC), a member of the World Bank Group.

ECAHT’s chairperson Mohamed Abdel Salam stated that the technical textile sector is a modern industrial sector in Egypt with annual exports totaling $750 million and an annual growth rate of 51 percent.

He added that the project aims to boost Egypt as a hub for manufacturing and exporting this kind of products as well as attracting foreign investments and fostering exports.

Technical textiles are engineered products manufactured using both natural and man-made fibers such as Nomex, Kevlar, Spandex, and Twaron.

According to a report released by the USAID, the future of the technical textiles market in Egypt has promising opportunities.

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